Quarterly report pursuant to Section 13 or 15(d)

LEASE OBLIGATIONS

v3.7.0.1
LEASE OBLIGATIONS
 3 Months Ended
Mar. 31, 2017
Leases [Abstract]  
LEASE OBLIGATIONS
NOTE 10 - LEASE OBLIGATIONS
We lease certain mining, production and other equipment under operating and capital leases. The capital leases are for varying lengths, generally at market interest rates and contain purchase and/or renewal options at the end of the terms. Our operating lease expense was $1.7 million for the three months ended March 31, 2017 compared with $2.4 million for the three months ended March 31, 2016.
Future minimum payments under capital leases and non-cancellable operating leases at March 31, 2017 are as follows:
 
(In Millions)
 
Capital Leases
 
Operating Leases
2017 (April 1 - December 31)
$
17.2

 
$
5.3

2018
18.8

 
5.8

2019
10.4

 
3.0

2020
9.4

 
2.9

2021
8.7

 
3.0

2022 and thereafter
1.4

 
—

Total minimum lease payments
$
65.9

 
$
20.0

Amounts representing interest
11.8

 
 
Present value of net minimum lease payments1
$
54.1

 
 
 
 
 
 
1 The total is comprised of $18.0 million and $36.1 million classified as Other current liabilities and Other liabilities, respectively, in the Statements of Unaudited Condensed Consolidated Financial Position at March 31, 2017.